New home sales rose sharply in August to the highest rate since 2022, an encouraging development for a housing market plagued by high prices and mortgage rates .

New home sales rose 20.5% in August to an 800,000 annual rate, according to a Wednesday report from the Census Bureau . The number of new home sales is 15.4% higher than in August 2024.

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The median sales price for a new home was $413,500 in August, 4.7% higher than in July.

Wednesday’s report could be a boon to President Donald Trump’s agenda. He has repeate

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